Spot oil prices have risen since the OPEC meeting.

The International Energy Agency reported that prices on the non-contract “spot” market firmed significantly following an agreement reached last week by a majority of OPEC ministers to cut the average price of their oil sold on contract. According to the IEA, Britain’s North Sea Brent crude for loading next month sold on the spot market Wednesday at $27.25 a barrel, compared to $25.70 when the OPEC meeting began in Geneva last week. U.S. domestic prices have also moved up, with West Texas Intermediate at $26.50 a barrel, $1 higher than a week ago.